Third Hand Bookkeeping Service

With 30-year fixed rate mortgages approaching historical lows of 3%, you may be thinking about refinancing an existing mortgage. But you better read the fine print before signing on the dotted line to avoid paying too much money. Here are some common mistakes homeowners make when refinancing their mortgage. Not shopping around. When looking to refinance […]

The Families First Coronavirus Response Act is a new law passed recently that offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. Here are the […]

Here are some valuable resources on recent changes that can impact Small Business owners: IRS rulings SBA loan offerings Tax Relief Stimulus bill As you know the IRS has extended the federal tax filing deadline to July 15.  What you might not know is that not all states have followed on this extension with the […]

Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful.  Have patience.  Practicing patience will go a long way when you’re dealing with taxes. Keep in mind that for tax professionals, […]

You’ve done the hard work. You have a new business idea or you’ve found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly setting up your business’ accounting system. Here’s how: Consider business entity. Choosing the right legal and tax entity for your business is important. Consult experts […]

 A great way to start the New Year is to get clear on exactly how you can make your revenue goal number.  A revenue plan is the perfect tool.  You’ll need to be proficient in Excel, and if not, you can work with your accountant on this very important and enlightening spreadsheet.     Start by listing all of your […]

There is still time to make a contribution to a traditional IRA or Roth IRA for the 2019 tax year. The annual contribution limit is $6,000 or $7,000 if you are age 50 or over. Prior to making a contribution, if you (or your spouse) are an active participant in an employer’s qualified retirement plan […]

The holiday month of December brings celebration as well as reflection for all the events that occurred in 2019.  It also gives us great hope for a new fabulous start in 2020.  Here are three ideas to start 2020 with a bang. 1. Find a focus for the year. Instead of getting into the rut […]

It’s good to know some basic accounting terms, and here are ten terms with friendly definitions for your review. Asset:  Essentially, assets are what you own.   These include your bank accounts, business equipment, and even the amounts that customers owe you. Revenue:  Revenue is what you make.  Another word for it is Sales.  You generate […]

The account on your income statement called Cost of Goods Sold can be confusing to non-accountants. In this article, we’ll attempt to de-mystify it and explain how it works. Cost of Goods Sold is an account in your Chart of Accounts that is a very special type of expense.  It is the amount of direct […]